Commercial insurance terms dictionary

The person or entity in possession of an insurance policy. A three-year policy that has been paid in advance and is one year old would have only partly earned the premium. The earnings of the company--over and above the payments of the losses, operating expenses and reserves--are the property of the policyholders. Residual Benefit - In disability insurance, a benefit paid when you suffer a loss of income due to a covered disability or if loss of income persists. Standard Auto - Auto insurance for average drivers with relatively few accidents during lifetime. These definitions do not alter comercial modify the terms of any insurance contract. A contract that provides an income for a specified period of time, such as a number of years or for life.

Insurance Offerings Connect Copyright - Progressive Casualty Insurance Company. We offer insurance by phone, online and through independent agents. Prices vary based commercial insurance terms dictionary how you buy. These definitions provide a brief description of the coverages Progressive offers and some of the terms and ter,s used in connection with vehicle insurance. These definitions are not applicable in all states or for all products.

This is not an insurance contract. Other terms, conditions and twrms apply. Please read your official policy for full details about coverages. These definitions do not alter or tfrms the terms of any insurance contract. If there is any conflict between these definitions and the provisions of the applicable insurance policy, the terms of the policy control. Track claim here New user? Register for an account. Skip to Main Content.

Insurance Terms and Definitions. A company or person who has been named as an additional interest insured on a policy can be liable for an accident that involves an insured person or vehicle. Dictilnary example, a lienholder can be an additional interest insured. There are essentially two types of anti-theft devices: passive and active. Passive devices require no action or activation and automatically arm themselves when the vehicle is turned off, the ignition key is removed or a door is shut.

Active devices require some action or activation, such as pushing a button or placing a "lock" insuance in your termms. Keep in mind that you could get a discount for having an anti-theft device in your car. Bodily Injury Liability Coverage BI. BI also pays commercial insurance terms dictionary legal defense costs if you are sued.

Certain exclusions may apply. Refer to your policy. If your insured vehicle is damaged due to an event other than a collision, Comprehensive coverage will pay for the damage. This includes damages from fire, theft, windstorm, flood and vandalism. If your vehicle is stolen, Comprehensive covers transportation and loss of use expenses when applicable.

When your dictiknary vehicle overturns or collides with another object, Collision coverage twrms for the damage to your vehicle. Collision coverage also may extend to a non-owned vehicle or one rented for personal use that is in your custody or that you are operating. Being continuously insured means your insurance coverage from an insurer or more than one insurer was in effect at all times, without a break or lapse in coverage for any reason.

Commeecial Page Dec Page. Commeercial known as an auto insurance coverage summary, this page is provided by your insurance company and lists the following:. Types of coverage you have elected. Limit for each coverage. Cost for each coverage. Specified vehicles inshrance by the policy. Types of coverage for each vehicle covered by the policy. Other information applicable to the policy. A deductible is the amount you agree to pay out of pocket for damage resulting from a specific loss or accident.

Generally, choosing a comercial deductible will lower your premium. Drivers age 55 commeercial older can take a voluntary driver improvement course to refresh and enhance their driving skills. Taking this course may qualify these drivers for a discount if they meet eligibility requirements. People can be added to policies with the following types of cictionary status:. Rated - Actively drive vehicles on the policy.

Excluded terks Not allowed to drive vehicles on the policy and will not be covered under your policy in the event of an accident. Listed - Residents of the household who do not drive the vehicles on the policy such as a roommate. Though there is no such thing as "full coverage," it often implies that the policy has more than just Liability coverage. A garaging location is the place you primarily park your vehicle when you're not using it.

Generally, comkercial is your primary residence. An insurance coverage limit is selected by you and is the most an insurance company will pay for damages or injuries that apply to the coverage. Most states have laws that specify the minimum limit commercial insurance terms dictionary must be purchased for each required insurance coverage. Life insurance is a financial safety net for your family.

If you pass away, your life insurance policy will pay a lump sum of money to your beneficiaries. There are a few common types of life insurance: term, final expense and permanent. Commegcial more on the different types of life insurance. Medical Payments MedPay Coverage. MedPay is an optional insurance coverage that pays for reasonable and necessary medical and funeral expenses for covered persons.

These expenses must be incurred as a result of an auto accident. Insurnce first person in whose name the insurance policy is issued. A person who is not the primary or principal driver of the commercial insurance terms dictionary vehicle is an occasional driver. Personal Injury Protection PIP Coverage. PIP is a coverage in which the auto insurance company pays, within the specified limits, the medical, hospital and funeral expenses of the insured person, people in the insured vehicle and pedestrians struck by the insured vehicle.

PIP is the commmercial coverage implemented in no-fault automobile insurance states. Your current insurance policy ends on your policy expiration date, which is found on your current policy documents, Declarations Page Dec Pageinsurance identification card or recent cancellation notice. This date should not be confused with payment due dates. The length of time your policy is active and in force is your policy term. A premium is the amount of money paid to an insurance company in return for insurance protection.

A primary residence tterms the place where you will live for the majority of your policy term. Primary use is how you mainly use your vehicle. The person who drives the car most often is the principal driver. Property Damage Liability Coverage PD. If an insured person is legally liable for an accident, PD coverage pays for damage to others' property resulting from the accident. PD also pays for legal defense costs if you are sued. Rental Reimbursement provides rental car coverage if tersm have a claim that is covered under Comprehensive or Collision coverage.

Daily rental amounts are subject to the limit purchased. Roadside Assistance provides services such as towing, flat tire change, locksmith service dictionayr battery jump-start to customers, who can elect the service for an additional premium if it is not already included with their insurance policy. Learn more about Roadside Assistance. State laws determine if a vehicle requires a salvage title.

Some states base salvage titles on the extent of damage a vehicle has sustained. For example, in Louisiana, damage to a vehicle must equal or exceed 75 percent of the vehicle's retail value in order for it to require a salvage title, according to state law. Other states, such as Florida, require a vehicle to have a salvage title if the insurance company declared the vehicle a total loss.

Dictionzry titles generally commercila whether commrecial vehicle is "rebuildable" can be repaired and driven on the road or commercial insurance terms dictionary rebuildable" must be sold for parts. Other states "brand" or insueance the vehicle's title when the estimate of damages reaches a certain percentage of the vehicle's retail value in New York, it is 75 percenteven if the vehicle has not been declared a total loss and is able to commercial insurance terms dictionary repaired.

Other states have no guidelines for issuing salvage titles. The second named insured has the same coverage under the policy as the named insured. An SR is a document required by the court that demonstrates proof of financial responsibility for persons convicted of certain traffic violations. Uninsured Motorist Coverage UM. If a driver dictionray owner of a vehicle does not have insurance and is legally liable for an accident, you can use UM coverage for injuries, including death, that you, your resident relatives, and occupants of your insured vehicle sustain, up to the limits you select.

Underinsured Motorist Coverage UIM. If a inurance or owner of a vehicle is etrms liable for an accident but does not have enough insurance, you can use UIM coverage for injuries, including death, that you, your resident relatives, and lnsurance of your insured vehicle sustain, up to the limits you select. If driver or owner of a vehicle is legally liable for an accident but does not have insurance or does not have enough insurance, you can use UMPD to cover damage to your insured vehicle, up commercial insurance terms dictionary the limits you select.

In some states, UMPD is available as an alternative to Collision coverage. Vehicle Identification Number VIN. The Vehicle Identification Number VIN for your vehicle is usually found on the driver's side of your dashboard, the vehicle registration or the title. The VIN is a combination of 17 letters and numbers that can be used to identify the make, model and year of a car. See All Insurance Choices. The 1 Insurance Site. Copyright - Bundle Auto and Property.

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How to Use Business Glossary in Metadata Manager

Fill Out 1 Form & Get 5 Business Insurance Quotes in Minutes!. A glossary of common terms that may be discussed in real estate errors and omissions insurance policies. Business insurance uses many terms, acronyms, and jargon. Here you'll find explanations for the most commonly used terms related to business insurance.

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